Finance

Our client is a major European financial institution, with affiliated institutions in each of the EU member states.

Problem

Our client, and each of its affiliates, requires accurate, detailed information about the state of the financial markets in Europe and globally. This involves modeling a financial universe that includes every security connected with the Euro and European markets (now over 30 million in total) and associated real time data from multiple information providers, e.g. Bloomberg, Standard & Poor’s. The relevant parts of this information have to be provided to each affiliate in accordance with its individual requirements. This information is highly sensitive, commercially and politically.

Previously, because they had no way to assimilate the vast amount of data involved, our client’s analysis had to be extrapolated from information on only a sample of major securities plus other key indicators. This was a slow process (they operated on a monthly cycle), much of it manual, and unavoidably limited in its accuracy.

Quality assurance was a major issue as well. Multiple departments are involved and internal collaboration was difficult and therefore slow. External communication was manual, time-consuming and frustrating for all parties.

Solution

Finworks Data has transformed the way this process works. Finworks Data:

  • Collects data on every security from a huge range of sources
  • Translates all received data into a consistent usable form
  • Builds profiles over time as to the quality and reliability of data sources
  • Automatically manages conflicting or worthless data, filtering out exceptions
  • Combines information in an intelligent way to present composite results
  • Prioritises and arranges queries for every stakeholder, assessing relevance and context in every case
  • Tailors results to individual and local requirements
  • Records every step in a highly detailed audit trail

Results

Our client’s data gathering and analysis has been transformed. Finworks Data has been at the heart of this process since 2003.

Our client has moved from relying on limited information and data samples, to comprehensive, rigorous and continuous assessment of the data:

  • The monthly cycle is now in real time
  • Our customer has achieved a massive improvement in both the volume and quality of its outputs, with no need for additional staff
  • We have helped them eliminate duplication of work across affiliates and departments
  • Our software has adapted to the many changes in financial markets since 2003 without needing any change to the “atomic” structure we created to describe and model individual securities
  • The service has been stable and consistent since 2003, with no break in service